Bank Merger List 2024

In 2019, the Government of India revealed its plan to merge many public sector banks.

To make it easier for you, we’ve compiled a list of banks that have recently merged.

This article will also answer all your questions related to bank mergers in India. 

Why Do Banks Merge?

India had many small banks operating as separate entities. They often depended on the government’s aid, which added to its burden. According to the Reserve Bank of India, merging most of these banks would pave the way to building a robust, well-funded, and global banking system.

In August 2019, it was announced that 10 public sector banks would be merged into 4. After this, 4 more mergers were announced. In total, now there are 12 public sector banks operating after the bank merger in India.

List of Banks That were Merged

Here is a list of all the public sector banks that were merged into other banks to make them more robust. Out of the 12 total, these 6 were formed after the bank merger in India was announced-

Sl. No.

Merged Into (Anchor Banks)

Banks Merged

Merger Year 

1.

Bank of Baroda

Dena Bank

Vijaya Bank

1st April, 2019

2.

Canara Bank

Syndicate Bank

1st April, 2020

3.

Indian Bank

Allahabad Bank

1st April, 2020

4.

Punjab National Bank

Oriental Bank of Commerce

United Bank of India

1st April, 2020

5.

State Bank of India

State Bank of Bikaner And Jaipur

State Bank of Hyderabad

State Bank of Mysore

State Bank of Patiala

State Bank of Travancore

Bharatiya Mahila Bank

1st April, 2017

6.

Union Bank of India

Andhra Bank

Corporation Bank

1st April, 2020


List of Banks That were Not Merged

Out of the total 12, 6 banks remained independent after the bank merger in India was announced. Here is a list of the 6 banks which are operating as separate identities-

  1. Indian Overseas Bank

  2. UCO Bank

  3. Bank of Maharashtra

  4. Punjab and Sind Bank

  5. Bank of India

  6. Central Bank of India

Conclusion

At present, there are only 12 public sector banks functioning in India. 6 of them have been formed by merging several smaller banks making them more global in nature. The other 6 remain independent entities.

In most cases, bank mergers are positive news and you have nothing to worry about. Your current bank officials will give you all necessary information about any mergers beforehand. They will also guide you as to how you can continue your banking operations as usual.

Bank Merger List Related FAQs

Your bank will intimate you about any merger activities. They will guide you as to what steps you have to follow. In most cases the transition is very smooth and for the better.

The decision to merge banks has an economical impact on the country. As a customer, you get to be part of a bigger bank system which may be beneficial to you in many ways. You have access to more ATMs, more branches, and superior infrastructure. 

The decision to close a branch depends on many factors. A few branches of some banks were closed after the mergers, but there is no reason to worry. Your bank officials will promptly inform you before any such action is taken. 

This depends on your bank. Your bank will give you enough time to upgrade to a new ATM card in case yours is about to become non-functional.

No, you will not have to open a new account after your bank merges with another. You might be given a new account number, ATM card, etc. But these will duly be taken care of by your bank officials. 

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